Wills & Trusts
The two main types of bequests in a will are _____ gifts, and distribution of _______.
What are specific, and residue?
Without a will, distribution of someone's assets will happen in accordance with what laws/rules.
What is intestacy succession?
This last document is needed in most, though not all provinces to probate the will. Don't worry, we'l take care of it on Professional and Signature Plans
What is an affidavit of execution?
The two main tax returns filed when somebody dies. ClearEstate takes care of their preparation for our Professional tier clients.
What are a terminal T1, and T3
Beyond the rules set out by an advisor's investment dealer, this regulatory body also oversees licensing and conduct for financial advisors in Canada.
What is CIRO?
What are testator, executor, and beneficiary?
These two verifications are key aspects of why the probate process exists.
What is verify legitimacy of the will and verify identity and suitability of the executor?
These are the 4 main stages of guided planing with ClearEstate - starting with a "Meet & Greet"
What are consultation, intake, guidance, and review?
This type of return will be necessary for a corporation, and carry additional charges beyond ClearEstate's 1% executor fee if necessary.
What is a T2?
You'll see lots of CFPs in your travels, but those that pursue this most recognized estate related designation, have taken additional STEPs to enhance their knowldge
What is TEP - Trust & Estate Practitioner.?
You might want one of these to address assets that are non-probatable, or in a different jurisdiction from where you live.
What is a secondary will
Though a will has these too, but if you attach an individual one of these to a registered account or insurance policy, the asset will bypass probate proceedings.
*Bonus points - Explain "JWROS"
*Double Bonus - Explain "Successor Holder"
What is a beneficiary?
It's not Ghostbusters - You should reach out to her if you have questions or concerns regarding a client file status or process issue.
Who is Giulia?
You didn't sell anything, but CRA doesn't care and you owe taxes because THIS is considered to have happened to your assets upon death.
What is a deemed disposition?
This software, born out of NaviPlan, is becoming the leader in the Canadian market for financial planning, surpassing others like Snap Projections, or Razr.
What is Conquest?
Planners often use this type of trust to make unique provisions for a beneficiary or dependent with special needs.
What is a Henson Trust?
These are two of the first steps in the administration to let people know what is going on, and protect the decedent's assets.
What are first notifications, and securing the estate?
What is SOC II Type II?
It's not for everyone, but this strategy may be used to fund estate tax liabilities, or avoid tax on extracting retained earnings from a corporation.
What is a permanent insurance strategy?
Show me the money! These 3 letters are often the primary revenue driver for a wealth advisory practice - and their dealer.
What is AUM?
Break out your latin. You may want to specify one of these two types of distributions in case someone named in the will pre-deceases you.
What are per-stirpes and per-capita?
From west to east, these 3 provinces have the highest probate fees in Canada - with the last one not allowing secondary wills
What are British Columbia, Ontario, and Nova Scotia
Consider it done.
These are the 4 core planing documents that get taken care of with your guided planning as a ClearEstate client? (Common Law)
What are:
- Will
- Power of Attorney Property
- Power of Attorney Personal Care (Representation Agreement)
- Advanced Health Care Directive
To avoid taxes making your estate value go down the tube, this type of administration strategy can be used to get money from a corporation as capitial gains versus taxable dividends.
What is a pipeline strategy?
No referral fees, but insights into these 3 things are core value propositions for an advisor's long term business growth through planning with ClearEstate.
What are external assets, insurance opportunities, and beneficiaries?